Foreign capital from BRICS countries into Nigeria rises by 189% in six months

Nigeria's foreign capital inflows from BRICS nations have surged by 189% in the first half of 2024, amid the country’s ongoing efforts to secure a spot within the expanded BRICS coalition.

An analysis of data from the National Bureau of Statistics (NBS) revealed that capital importation from BRICS countries rose from $438.72 million in the first six months of 2023 to $1.27 billion in the same period of 2024.

The BRICS group, initially comprising Brazil, Russia, India, China, and South Africa, expanded on January 1, 2024, by officially welcoming five new members: Saudi Arabia, Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE)

Cover photo: By Nairametrics